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PREMIER PROPERTY MANAGEMENT INVESTMENT LLC

RESIDENTIAL LEASING AND PROPERTY MANAGEMENT AGREEMENT

USE OF THIS FORM BY PERSONS WHO ARE NOT MEMBERS OF CORNER STOME REAL ESTATE MANAGEMENT IS NOT AUTHORIZED.

PARTIES: A. The parties to this agreement are: Owner_________ _______________________ _____________________________________ Guarantor: ______________________ _____ ______________________________________ Address: ___________________________________________________________________ City, State, _________________________________________________________________ Hm. Phone: _____________ Wk. _____________ Mobile:________________________ Secondary: _______________________________ Email : ___________________________ B roker: Premier Property Management Investment LLC

Address: 400 W. Franklin St Suite 400 City, State, Zip: Baltimore MD, 21201

Phone: 4105221078 Fax: 4105221079 _ EMail: [email protected]

B. If Owner is not an individual, Owner is a: estate corporation limited

liability company (LLC) trust partnership limited liability partnership (LLP), sole proprietor which entity was charted or created in Maryland (State). The individual signing this agreement for the owner represents to broker that he or she the authority to bind Owner to this agreement, to act for Owner, and is acting under his capacity as ______Own______________ (title) for the owner.

C. Owner appoints Broker as Owner’s sole and exclusive leasing and managing agent of the

real property described in Paragraph 1 and in any addendum to this agreement.

1. PROPERTY: “Property” means: Address (include unit nos) _________________________________________________________ in Baltimore City ______ , Maryland, together with the following nonrealproperty . “Property” also includes any other Property described in any attached Multiple Property Addendum.

2. TERM:

A. Primary term : The primary term of this agreement begins and ends as follows: Commencement Date: ______________ Expiration Date: ___________________ B. Automatic Extension : Unless either party provides written notice of termination to the other party at least 60 days before the Expiration Date, this agreement will automatically renew for another year each year. C. Effective Services : If Broker determines that Broker cannot continue to effectively provide leasing and management services to Owner for any reason at any time during the agreement Broker may terminate this agreement by providing at least 30 days’ notice to Owner.

3. AUTHORITY OF BROKER:

Initialed for Identification by Broker/Associate CB and Owner ______, _____ of 14

Leasing & Management Agreement concerning: ______________________________________________

A. Leasing and Management Authority : Owner grants to Broker the following authority which

Broker may exercise when and to the extent Broker determines to be in Owner’s interest.

(1) advertise the Property for lease at Owner’s expense by means and methods that Broker

determines are reasonably competitive, including but not limited to creating and placing

advertisements with interior and exterior photographic and audiovisual images of the

Property and related information in any media and the Internet; above and beyond regular

(2) place “For Lease” signs or other signs on the Property in accordance with applicable

laws, regulations, ordinances, restrictions, and owners’ association rules;

(3) remove all other signs offering the Property for sale or lease;

(4) submit the Property as a listing with one or more Multiple Listing Services (MLS) at any

time the Property is marketed for lease and to change or terminate such listings;

(5) authorize other brokers, their associates, inspectors, appraisers, and contractors to access

the Property at reasonable times for purpose contemplated by this agreement and to lend

keys and disclose security codes to such persons to enter the Property;

(6) duplicate keys and access devices, at Owner’s expense, to facilitate convenient and

efficient showings of the Property and to lease the Property;

(7) place a keybox on the Property;

(8) employ scheduling companies to schedule showings by other brokers at any time the

Property is marketed for lease;

(9) verify information and references in rental applications from prospective tenants;

(10) negotiate and execute leases on Owner’s behalf for the Property at market rates and on

competitively reasonable terms for initial terms of not less than 12 months and not

more than 36 months and in accordance with any instructions in Paragraph 20;

(11) negotiate and execute any amendments, extensions, or renewals to any leases for the

Property on Owner’s behalf;

(12) terminate leases for the Property, negotiate lease terminations, and serve notices or

termination;

(13) collect and deposit for Owner all rents, security deposits, ad other funds from tenants in

the Property in a trust account and pay from that account: (a) any compensation and

reimbursements due Broker under this agreement; and (b) other persons as this agreement

may authorize;

(14) account for security deposits that Broker holds in trust to any tenants in the Property in

accordance with applicable law and any lease of the Property and make deductions from

the deposits in accordance with the lease and applicable law;

(15) collect administrative charges including but not limited to, application fees, returned fees,

returned check fees, and late charges from tents in the Property or from prospective

tenants;

(16) institute and prosecute, at Owner’s expense, actions to: (a) evict tenants in the Property;

(b) recover possession of the Property; or (c) recover lost rent and other damages;

(17) settle, compromise, or withdraw any action described in Paragraph 3A

(18) negotiate and make reasonable concessions to tenants or former tenants in the Property;

(19) report payment histories of tenants in the Property to consumer reporting agencies;

(20) obtain information from any holder of a note secured by a lien Property and any

insurance company insuring all or part of the Property;

(21) hire contractors to repair, maintain, redecorate, or alter the Property provided that Broker

does not expend more than $ 250 for any single repair, maintenance item,

redecoration, or alteration without Owner’s consent; Owner has first preference on

making repairs to his properties.

(22) hire contactors to make emergency repairs to the Property without regards to the expense

limitation in Paragraph 4A(21) that Broker determines are necessary to protect the

Property or the health or safety of an ordinary tenant;

Initialed for Identification by Broker/Associate CB and Owner ______ ,_____ of 14


(23) contract, at Owner’s expense, for utilities and maintenance to the Property during times

that the Property is vacant, including but not limited to, electricity, gas, water, alarm

monitoring, cleaning, pool and spa, yard maintenance, and other regularly recurring

expenses that Broker determines are reasonable to maintain and care for the Property; and

(24) perform other necessary services related to the leasing and management of the Property.

B. Record Keeping : Broker will:

(1) maintain accurate records related to the Property and retain such records for not less than

4 years;

(2) file reports with the Internal Revenue Service related to funds received on behalf of

Owner under this agreement (for example Form 1099); and

(3) remit, each month, the following items to Owner at the address specified in Paragraph 1:

(a) funds collected by Broker for Owner under this agreement, less authorized

deductions; and (b) a statement of receipts, disbursements, and changes. Owner may

instruct Broker in writing to remit the items to another person or address.

C. Security Deposits :

(1) During this agreement, Broker will maintain security deposits received from tenants in a

trust account and will account to the tenants for the security deposits in accordance with

the leases for the Property.

(2) After this agreement ends, Broker will deliver to Owner or the Owner’s designee the

security deposit held by Broker under an effective lease of the Property, less deductions

authorized by this agreement. The owner will be responsible for paying the tenant the

accrued interest accumulated during their tenancy and will send written notice to the

tenant that states:

(a) that this agreement has ended;

(b) the exact dollar amount of the security deposit;

(c) the contact information for the Owner or the Owner’s designee; and

(d) that Owner is responsible for accounting and for paying all interest due for

deposit for the term of the lease.

(3) If Broker complies with this Paragraph 3C, Owner will indemnify Broker from any claim

or loss from a tenant for the return of a security deposit. This Paragraph 4C survives

termination of this agreement.

D. Performance Standard : Broker will:

(1) user reasonable care when exercising Broker’s authority and performing under this

agreement; and

(2) exercise direction when performing under this agreement in a manner that Broker believes

to be in Owner’s interest, provided that Broker will treat any tenant honestly and fairly.

E. Deductions and Offset : Broker may disburse from any funds Broker holds in a trust account for

Owner:

(1) any compensation due Broker under this agreement;

(2) any funds Broker is authorized to expend under this agreement, and

(3) any reimbursement Broker is entitled to receive under this agreement.

(4) any and funds due owner will be released to owner not earlier than the 15 th of each

month.

(5) In the event the tenant does not pay the rent on time; the payment will be sent out in the following month’s statement.



F. Insurance and Attorneys :

(1) Broker may not file a claim for a casualty loss with the carrier insuring the Property.

Broker may communicate with the carrier to facilitate the processing of any claim Owner

may file or other matters that owner instructs Broker to communicate to the carrier.

(2) Broker may not directly or indirectly employ or pay lawyer to represent Owner. Broker

may communicate with Owner’s attorney in accordance with Owner’s instructions.

G. Information about Trust Accounts, MLS, and Keybox :

(1) Trust Accounts : A trust account must be separate from Broker’s operating account

and must be designated as a trust, property management, or escrow account or other similar

name. Broker may maintain one trust account for all properties Broker leases and mangers for

others.

(2) MLS : MLS rules require Broker to accurately and timely submit all information the

MLS requires for participation including leased data. Subscribers to the MLS may use the

information for market evaluation or appraisal purposes. Subscribers are other brokers and

other real estate professional such as appraisers and may include the appraisal district. Any

information filed with MLS becomes the property of the MLS for all purposes. Submission

of information to MLS ensures that persons who use and benefit from the MLS also

contribute information.

(3) Keybox : A keybox is a locked container placed on the Property that holds a key to

the Property. A keybox makes it more convenient for brokers, their associates, inspectors,

appraisers and contractors to show, inspect, or repair the Property. The keybox is opened by a

special combination, key, or programmed device, so that authorized persons may enter the

Property. Using a keybox will probably increase the number of showings, but involves risks

(for example, unauthorized entry, theft, property damage, or personal injury). Neither the

Association of REALTORS nor MLS requires the use of a keybox .

4. COOPERATION WITH OTHER BROKERS : When the Property is marketed for lease, Broker

will allow other brokers to show the Property to prospective tenants. Broker will offer to pay the

other broker a fee if the other broker procures a tenant who leases the Property. As of the date this

agreement is signed, Broker’s policy is to offer other brokers the following amounts. Broker may

change the amounts disclosed below notice, provided that Broker will offer competitively

reasonable amounts to the other brokers.

A. MLS Participants : If the other broker is not a participant in the MLS in which the listing is

filed, Broker will offer to pay the other broker:

(1) if the other broker represents the tenant (complete only one): 100 _ % of

one month’s rent to be paid under a lease; 100 % of all rents to be paid under a

lease; or $ ; and

(2) if the other broker is a subagent (complete only one): 100 _ % of one month’s

rent to be paid under a lease; 100 % of all rents to be paid under a lease; or

$ __ .

B. NonMLS Brokers : If the other broker is a participant in the MLS in which the listing is filed,

Broker will offer to pay the other broker:

(1) if the other broker represents the tenant (complete only one): 100 _ % of

one month’s rent to be paid under a lease; 100 % of all rents to be paid under a

lease; or $ ; and



(2) if the other broker is a subagent (complete only one): 100 _ % of one

month’s rent to be paid under a lease; 100 % of all rents to be paid under a

lease; or $ .

5. LEGAL COMPLIANCE: The parties will comply with all obligations, duties, and

responsibilities under the Maryland Property Code, fair housing laws, and any other statute,

administrative rule, or ordinance or restrictive covenant applicable to the use, leasing,

management, or care of the Property.

6. RESERVES: Upon execution of this agreement, Owner will deposit the following amount with

Broker to be held in a trust account as a reserve for Owner: $ 0 for each unit

within the Property or Properties managed by Broker under this agreement. Broker may, at Broker

discretion, use the reserve to pay any expenses related to the leasing and management of the

Property(ies) (including but not limited to Broker’s fees). If the balance of the reserve becomes

less than the amount stated, at any time, Broker may: (a) deduct an amount that will bring the

balance to the amount stated from and subsequent rent received on behalf of Owner and deposit

the amount into the reserve; or (b) notify Owner that Owner must promptly deposit additional

funds with Broker to bring the balance to the amount stated.

7. ADVANCES: Owner will, in advance, provide Broker all funds necessary for the leasing and

management of the Property. Broker is not obligated to advance any money to Owner or to any

other person.

8. OWNER’S REPRESENTATIONS:

A. General :

(1) Except as described in Paragraph 20, Owner represents that:

(a) Owner has fee simple title to and peaceable possession of the Property and all its

improvements

(b) Owner is not bound by: (i) another agreement with another broker for the sale, exchange,

lease, or management of the Property that is or will be in effect during this agreement; or

(ii) an agreement or covenant that prohibits owner from leasing the property;

(c) no person or entity has any right to purchase, lease, or acquire the Property by an option,

right of refusal, or other agreement;

(d) Owner is not delinquent in the payment of any property taxes, owners’ association fees,

property insurance, mortgage, or any encumbrance on or affecting the Property;

(e) the Property is not subject to then jurisdiction of any court;

(f) the optional user fees for the use fees for the use of common areas (for example, pool or

tennis courts) in the Property’s subdivision are; and ;

(g) all information related to the Property that Owner provides to Broker is true and correct to

the best of Owner’s knowledge.

(2) Broker may disclose to a tenant or to a prospective tenant any information related to the

representations made in Paragraph 9.

B. Property Condition : Owner and Broker are obligated under law to disclose to a tenant or to a

prospective tenant any known condition that materially and adversely affects the health or safety

of an ordinary tenant. Owner is obligated under the Property Code to repair any such condition for

a tenant.

Owner represents that:



(1) any pool or spa and any required enclosures, fences, gates, and latches comply with all applicable laws and ordinances; and (2) Owner is not aware of a condition concerning the Property that materially affects the health or safety of an ordinary tenant, except as stated below, in this agreement, or in any addendum: _ _

C. LeadBased Paint : If the Property was built before 1978, owner will complete and attach to this agreement an addendum regarding leadbase paint and leadbased paint hazards that will be made part of any lease of the Property. If the Property was built before 1978, federal law requires the Owner (before a tenant is obligated under a lease) to: (1) provide the tenant with the federally approved pamphlet on lead poisoning prevention; (2) disclose the presence of any known leadbased paint or hazards in the Property; and (3) deliver all records and reports to the tenant related to such paint or hazards.

9. OWNER’S COOPERATION: Owner agrees to:

A. cooperate with Broker to facilitate the showing, marketing, and lease of the Property; B. not rent or lease the Property to anyone without Broker’s prior written approval; C. not negotiate with any prospective tenant who might contact Owner directly, but refer all prospective tenants to Broker D. not deal with or negotiate with any tenant in the Property concerning any matter related to the management or leasing of the Property but refer all such dealings to Broker; E. not enter into a listing agreement or property management agreement with another broker for the rental, leasing, or management of the Property to become effective during this agreement; F. provide Broker with copies of any existing leases or rental agreements related to the property; G. provide Broker with keys and access devices to the Property; H. provide Broker with copies of all warranties related to the Property or any item in the Property; I. provide to Broker any security deposits paid by any existing tenants in the Property; J. complete any disclosures or notices required by law or a lease of the Property; k. amend applicable notices and disclosures if any material change occurs during this agreement; and L. notify Broker is Owner becomes delinquent in the payment of: (1) any mortgage or other encumbrance secured by the Property; (2) property taxes; (3) property insurance; or (4) owners’ association fees.

10. INSURANCE:

A. At all times during this agreement, Owner must maintain in effect: (1) a public liability insurance policy that names Broker as additional interest and covers losses related to the Property in an amount of not less than $ 200,000 on an occurrence basis; and

(2) an insurance policy for the Property in an amount equal to the reasonable replacement cost of the Property’s improvements and that contains endorsements which contemplate the leasing of the Property with vacancies between lease terms.

B. Not later than the 15 th day after the Commencement Date, Owner must deliver to Broker copies of certificates of insurance evidencing the coverage required under Paragraph 11A. if the coverage changes at any time during this agreement, owner must deliver to Broker a copy of the insurance certificate evidencing the change not alter than 10 days after the change.



C. If Owners fails to comply with Paragraphs 11A or 11B, Broker may:

(1) purchase insurance that will provide Broker the same coverage as the required insurance

under Paragraph 11A(1) and Owner must promptly reimburse Broker for such expense; or

(2) exercise Broker’s remedies under Paragraph 17.

11. BROKER’S FEES: All fees to Broker under this agreement are payable in

County, Maryland. This Paragraph 11 survives termination or expiration of this agreement with

regards to fees earned during this agreement which are not payable until after its termination.

Broker may deduct any fees under this Paragraph 11 from any funds Broker holds in trust for

Owner. If more than one property or unit is made part of and subject to this agreement, each of the

provisions below will apply to each property or unit separately.

A. Management Fees : Each month Owner will pay Broker the greater of $ (minimum

management fee) or: (check one box only.) (1) 10 % of the gross monthly rents collected that month, per unit or $75.00 whichever is greater . These payments are released on the 15 th of each month. If the 15 th falls on a weekend the payments will be sent out on the following business day.

Failure by a tenant to pay rent does not excuse payment of the

Minimum management fee. Management fees under his Paragraph 11A are earned daily

and are payable not later than the last day of each month.

B. Leasing Fees for New Tenancies : Each time the Property is leased to a new tenant, Owner will

pay Broker a leasing fee equal to: (check one box only.) (1) 100_ % of one full month’s rent to be paid under the lease. If the agent uses a third

party to place a tenant 100% of one full month rent to be paid under the lease otherwise.

(2) _ % of the gross rents to be paid under the lease. (3) The Owner will receive a six (6) month guarantee for tenant placement. If a tenant that

the broker has placed in a unit has to be replaced within six (6) months of the first year due to a

lease violation the broker will replace that tenant for that unit for free. _

.

The leasing fees under this Paragraph 11B are earned and payable at the time the lease is

executed.

C. Renewal of Extension Fees : Each time a tenant in the Property renews or extends a lease, Owner

will pay Broker a renewal or extension fee equal to: (check one box only.) (1) 30 % of one full month’s rent to be paid under the renewal or extension.

(2) _ % of the gross rents to be paid under the renewal or extension.

(3) _ _ .

The renewal or extension fees under this Paragraph 12C are earned and payable at the time the

renewal or extension is effective. For the purposes of this paragraph, a new lease for the same

Property with the same tenant then occupying the Property is an extension or renewal. This

Paragraph 12C does not apply to monthtomonth renewals or monthtomonth extensions.

D. Service Fees : Each time Broker arranges for the Property to be repaired, maintained ,redecorated,

or altered as permitted by this agreement, Owner will pay Broker a service fee equal to: (check one box only.) (1) % of the total cost of each repair, maintenance, alteration, or redecoration. (2) TwentyFive ($25) or 10% whichever is greater: Only when an outside contractor is

used for repairs.



The services fees under this Paragraph 12D are earned at the time the repair, maintenance, redecoration, or alteration is made and are payable upon Owner’s receipt of Broker’s invoice. For all emergency calls the rate starts at $75.00.

E. Interest on Trust Accounts : Any trust account Broker maintains under this agreement may be an interestbearing or income producing account. Broker may retain any interest or income from such account as compensation under this agreement. Broker will remove any interest income payable under this Paragraph 12E from the trust account not later than the 30 th day after the interest or income is paid.

F. Administrative Fees : If Broker collects administrative charges from tenants or prospective

tenants, including but not limited to, application fees, returned checks, or late charges (as authorized under Paragraph 4A). Broker will retain such fees as compensation under this agreement. The administrative fees under this Paragraph 12F are earned and payable at the time Broker collects such fees. G. Fees Related to Insurance and Legal Matters : If Owner requests or instructs Broker to coordinate or communicate with any insurance carrier regarding any casualty to or on the Property or if Owner requests or instructs Broker to appear in any legal proceeding or deposition related to the Property (including, but not limited to, evictions, tenant disputes, security deposit disputes, and suits for damages), Owner will pay Broker $ 125 per appearance for Broker’s time expended in such matter and in preparation of such matters. Fees under this Paragraph 11G are earned at the time the services are rendered and payable upon Owner’s receipt of Broker’s invoices.

H. Fees in the Event of a Sale :

(1) Fee if a Tenant Purchases Property : If at any time during this agreement or within ________ days after it ends, Owner sells the Property to a tenant who occupied the Property during the term of this agreement, Owner will pay Broker a fee equal to: (check one box only.) (a) 0 _ % of the sales price. (b) _ . Fees under this Paragraph 12H(1) are earned at the time Owner agrees to sell the Property and are payable at the time the sale closes. Broker will waive any fees due under Paragraph 13 at the time the sale closes. (2) Fee of Buyer is Procured through Broker : If during this agreement or within _ days after it ends, Owner sells the Property to a tenant who occupied the Property during the term of this agreement. Owner will pay Broker a fee equal to: (check one box only.) (a) 0 % of the sales price. (b) _ . Fees under this Paragraph 12H(2) are earned at the time Owner agrees to sell the Property and are payable at the time the sale closes. Broker will waive any fees due under Paragraph 13 at the time the sale closes. (3) Sale Coordination Fees : If at any time during this agreement Owner aggress to sell the Property and Broker is not paid a fee under Paragraph 12H(1) or (2), Owner will pay Broker _ for Broker’s time and services to coordinate showings, inspections, appraisals, repairs, and other related matters. Fees under this Paragraph 12H(3) are earned at the time such services are rendered and payable upon Owner’s receipt of Broker’s invoices. (4) Definition : “Sell” means to agree to sell, convey, transfer or exchange any interest in the Property whether by oral or written agreement or option.



(5) Separate Listing Agreement Controls : If Owner sells the Property and pays Broker the fee under a separate written listing agreement between Owner and Broker: (a) this Paragraph 12H will not apply; and (b) Broker will waive any fees due under Paragraph 13 at the time the sale closes.

I. Other : 1. On all rents collected as a result of lease violations the management fee shall be 20% 2. $150 to evict a tenant not approved by broker.

12. FEES UPON TERMINATION:

A. At the time agreement ends, Owner must pay Broker: (1) all amounts due Broker under this agreement; and (2) if the Property is leased to a tenant on the date this agreement ends, and amount equal to the

lesser of: (a) the management fees that would accrue over the remainder of the term of the lease; or (b) Pay the tenant placement fee.

B. If more than one property or unit is made part of and subject to this agreement, Paragraph 13A applies only to those properties or units then leased and applies to each property or unit separately. Paragraph 13A does not apply if Broker terminates this agreement under Paragraph 2C. C. If Owner decides to cancel the contract before the Primary terms ends, Owner will pay a One Thousand Dollars ($1000.00) or the remainder of the management fee whichever is greater. 13. EXPENSE REIMBURSEMENT: Upon Owner’s receipt of Broker’s invoice, Owner will

reimburse Broker the following expenses that are related to the leasing or management of the Property: (a) copy charges; (b) charges for long distances telephone calls or facsimile transmissions; (c) regular, express, or certified mail charges; (d) notary fees; (e) photos and videos; (f) reasonable travel expenses, including but not limited to mileage reimbursement (at the standard mileage rate published by the IRS), parking expenses, and tolls; and (g) any other expenditures Broker is authorized to make under this agreement for Owner or that Owner other wise authorizes Broker to make for Owner.

14. FUNDS RECEIVED AFTER TERMINATION: If Broker receives any funds on behalf of

Owner after this agreement ends (for example, rent, damages, past due amounts, and other), Broker will deposit those funds in Broker’s trust account and will: (a) pay 15 % of the funds received to Broker as compensation for services (for example, research accounting, communicating, and processing) rendered at that time; and (b) pay the balance of the funds to Owner. This provision survives termination of this agreement.

15. LIABILITY AND INDEMNIFICATION:

A. Broker is not responsible or liable in any manner for personal injury to any person or for loss or damage to any person’s real or personal property resulting from any act or omission not caused by Broker’s negligence, including but not limited to injuries or damages caused by:

(1) other Brokers, their associates, inspectors, appraisers, and contractors who are

authorizes to access the Property; (2) acts of third parties (for example, vandalism, theft, or other criminal acts); (3) freezing or leaking water pipes; (4) a dangerous condition or environmental condition on the Property; or (5) the Property’s noncompliance with any law or ordinance.

B. Broker is not responsible or liable in any manner for:



(1) any late fees or other charges Owner incurs to any creditor caused by late or

insufficient payments by any tenant in the Property; or (2) damages to Owner caused by a tenant’s breach of a lease.

C. Owner agrees to protect, defend, indemnify, and hold Broker harmless from any Damage, cost, attorney’s fees, and expenses that

(1) are caused by owner, negligently or otherwise (2) arise from Owner’s failure to disclose any material or relevant information about the Property; (3) are caused by Owner giving incorrect information to any person; or +(4) are related to the management of the Property and are not caused by Broker, negligently or otherwise.

16. DEFAULT: A party is in default if the party fails to cure a breach within 10 days after receipt of

written demand from the other party. If either party is in default, the nondefaulting party may: (a) terminate this agreement by providing at least 10 days written notice; (b) recover all amounts due to the nondefaulting party under this agreement; (c) recover reasonable collection costs and attorney’s fees and (d) exercise any other remedy available at law. Broker is also entitled to recover any compensation Broker would have been entitled to receive if Owner did not breach this agreement.

17. MEDIATION: The parties agree to negotiate in good faith in an effort to resolve any dispute

related to this agreement that may arise between the parties. If the dispute cannot be resolved by negotiation, the dispute will be submitted to mediation. The parties to the dispute will choose a mutually acceptable mediator and will share the cost of mediation equally.

18. ATTORNEY’S FEES: If Owner or Broker is a prevailing party in any legal proceeding brought

as a result of a dispute under this agreement or any transaction related to or contemplated by this agreement, such party will be entitled to recover from the nonprevailing party all costs of such processing and reasonable attorney’s fees.

19. ADDENDA: Incorporated into this agreement are the following addenda, exhibits, and other

information: A. Information About Brokerage Services B. Addendum Regarding LeadBased Paint C. Multiple Property Addendum D. Owner’s Notice Concerning Condition of Property under Property Management Agreement E. Property Manager’s Inventory and Condition Report F. Addendum for Authorization to Act for Owner before Owners’ Association G. Copy of Rules and Regulations of an Owners’ Association H. Copy of the Owners’ Association Bylaws and Deed Restrictions affecting the Property I. Property Management Addendum and W9 Note: Complete and deliver to broker IRS W9 Form or similar form.

20. AGREEMENT OF PARTIES:

A. Entire Agreement : This document contains agreement of the parties and may not be changed except by written agreement. B. Assignments : Neither party may assign this agreement without the written consent of the other party. C. Binding Effect : Owner’s obligation to pay Broker an earned fee is binding upon Owner and Owner’s heirs, administrators, executors, successors, and permitted assignees. D. Joint and Several : All Owners executing this agreement are jointly and severally liable for the


Leasing & Management Agreement concerning: ______________________________________________ performances of all its terms. Any act or notice to, refund to, or signature of, any one or more of the Owners regarding any term of this agreement, its extension, its renewal, or its termination is binding on all Owners executing this agreement.

E. Governing Law : Maryland law governs the interpretation, validity, performance, and enforcement of this agreement

F. Severability : If a court finds any clause in this agreement invalid or unenforceable, the reminder of this agreement will not be affected and all other provisions of this agreement will remain

valid and enforceable. G. Context : When the context requires, singular nouns and pronouns include the plural. H. Notices : Notices between the parties must be in writing and are effective when sent to the receiving party’s address, fax, or email addresses specified in paragraph 1.

21. INFORMATION: A. Fair housing laws require the Property to be shown and made available to all persons without regard to race, color, religion, national, origin, sex, disability, or familial status. Local ordinances may provide for additional protected classes (for example, creed, status as a student, marital status, sexual orientation or age). B. Owner may review the information Broker submits to an MLS or other listing service. C. Broker advises Owner to remove or secure jewelry, prescription drugs, and other valuables. D. The Property Code requires certain types of locks or security devices on all exterior doors of residential rental properties and requires smoke detectors in certain locations. The Property code requires the security devices to be rekeyed and the smoke detectors to be tested each time a new tenant occupies the Property. E. Broker cannot give legal advice. READ THIS AGREEMENT CAFEFULLY. If you do not understand the effect of this agreement, consult an attorney BEFORE signing.

22. TERMINATION FOR CAUSE: A. If Broker breaches any of the terms of this agreement or fail to communicate with the owner, Owner shall give Broker written notice of such breach. If Broker fails to remedy the breach within ten (10) days after receiving the abovedescribed notice, Owner may terminate this agreement without fees covered under Paragraph 13.

On Behalf Of Owner: __________________________________________________________________________________ Print: _ ___________________________ __________________ : Personal Guarantor: __________________ Date ____________________________________________________________________________________ Signature: ______________________________ _________________: Personal Guarantor: _______________________ Date



__________________________________________________________________________________ Print: _______________________________________________: Authorized Agent:

__________________

Date ____________________________________________________________________________________ Signature: _________________________________________________ : Authorized Agent: _______________________ Date

On Behalf of Broker:

__________________________________________________________________

By: Charles Barnett, for Premier Property Management LLC Date

Index to Residential leasing and Property Management Agreement

No. Paragraph Description Pg. 1.

Parties

1

2. Property 1 3. Term 1 A. Primary Term B. Automatic Extension C. Effective Services 4. Authority of Broker 24 A. Leasing & Management

Authority

B. Record Keeping C. Security Deposits D. Performance Standard

No. Paragraph Description Pg. 13.

Fees Upon Termination

8

14. Expense Reimbursement 8 15. Funds Received after Termination 8 16. Liability and Indemnification 9 17. Default 9 18. Mediation 9 19. Attorney’s Fees 9 20. Addenda 9


Leasing & Management Agreement concerning: ______________________________________________ E. Deductions and Offset F. Insurance about Trust Accounts.

MLS. And Keybox

5. Cooperation with Other Brokers 4 6. Legal Compliance 4 7. Reserves 45 8. Advances 5 9. Owner’s Cooperation 5 A. General B. Property Condition C. LeadBased Paint 10. Owner’s Cooperation 56 11. Insurance 6 12. Broker’s Fees 68 A. Management Fees B. Leasing Fees for New

Tenancies

C. Renewal or Extension Fees D. Service Fees E. Interest on Trust Accounts F. Administrative Fees G. Fees Related to Insurance and

Legal Matters

H. Fees in the Event of a Sale I. Other

21. Agreement of the Parties 10 A. Entire Agreement B. Assignments C. Binding Effect D. Joint and Several E. Governing Law F. Severability G. Context H. Notices 22. Information 10

ADDENDUM FOR FEE SCHEDULE Processing fees $10.00 per transaction (mortgage payments, Bge,

etc) Tenant placement fee 100% of the security equal to first month rent Late rent court fee $48.00 Eviction filing (city & county $61.00


Leasing & Management Agreement concerning: ______________________________________________ Citation/water bill hearings $100 Meeting inspectors $65 Certified letters for evictions $5.41 Certificate of Mailing $1.15 Eviction expense $250$1500 depending on what is left behind,

Method of trash removal, lock change, securing the property after the eviction.

Registration of property $45 MDE; $45 City Personal Baltimore Sun Ad $165.00$200


residential leasing and property management … · making repairs to his properties. (22)hire...

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